Then ABA reported today that Goldman would no longer CLO prop trade, according to Bloomberg.

So, it’s our interpretation that after Asset-Backed Alert reported that investors were freaking out about Goldman Sachs’ CDO prop trading and client trading desks being directly next to each other, sharing the same director, Jerry Ouderkirk, the firm had to end CLO prop trading, which was run by Ouderkirk, to preserve good PR.

The change is not exactly “demoting” Ouderkirk, but something he used to run no longer exists, so his job definitely changed.